2019 in Retrospect - Economy
By Jude Chukwuemeka
Morning Crossfire show on 99.3 Nigeria Info FM examines the Nigerian economy and how it affected Nigerians in 2019. Both Wemimo Adewuni and Sheriff Quadry are asking a question:
Did Nigerians have enough money to spend in 2019?
The duo is able to confirm that even if Nigerians don’t seem to be spending enough cash in 2019, they were spending much more through cashless transactions. But there are Nigerians who have later in the year proved smart by withdrawing large sums of money and keeping them in their homes to avoid costs of electronic transactions.
Even small businesses that were not known previously to be making use of PoS terminal embraced the payment method in 2018. The good news there is that even barber shops are taking up the use of PoS as a means which the customers pay for the service rendered. These moves increase the use of cashless policy.
This program is focused on how the rich and the poor lived in 2019. Callers made different assertions regarding why there is not much money in circulation. Central Bank of Nigeria is at fault, some callers claim, because they charge on every transaction done electronically and these charges are just too high.
Still, another aspect to the situation is that Nigerians are finding it hard because of the cost of living.
Some of the points that Morning Crossfire had covered in the course of year 2019 is the ban on FOREX for importation of food (not a ban on the product or food item itself) items such as milk. The increase of VAT to 7.5 percent, and other issues are the mainstay of today’s economic show in retrospect for the year 2019.
However, no matter how bad the situation is, we still see Nigerians spraying cash at parties.
Click on the video above and enjoy the show.